[PDF] Innovation and Commercialisation Assignment : Essence Drinks

Innovation and
Commercialisation.

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention. ...............................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation............................................................................................................5
TASK 2............................................................................................................................................7
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................7
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.............................................................................................................9
TASK 3..........................................................................................................................................11
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation................................11
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
..............................................................................................................................................13
TASK 4..........................................................................................................................................14
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property....................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Innovation is and new idea, creative thought and process, imagination in a new form or
device. Innovation is also an tool which consider as a application for better solution that helps in
meet new and unarticulated needs and wants of consumers. Innovation is an need of society
which give better living standard and best solutions about concern of people. This report is based
on Essence Drinks which was founded two years ago that is founded by Akshay kumar that
launched a new drink that is a healthy mango lassi into UK market. This report is based on
innovation and its importance in comparison with invention. It also elaborates role of vision,
leadership with culture and teamwork to bring commercialisation and innovation. It also includes
4ps of innovation and role of frugal innovation with specific examples. At last in it application of
new product development and various ways of funding. In that report organisation brings
strategy of new product development to enhance market share and compete in business
environment.
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation is an new way to think by accessing emerging with future needs and demands
of consumers in a creative way to get long term sustainability (Aarikka-Stenroos and Lehtimäki,
2013). Essence drinks which is an new and small scale organisation that launch a new product
that is Mango lassi in Market of UK. Due to fierce competition rate and sale of product gradually
decreases in that scenario founder Akshay kumar aimed to invent and implement their drinks by
adding some new and extraordinary features in it. In that scenario they think about bring lassi in
both Liquid and powder form which made in instant manner while travel far away (Abdul Razak,
Murray, and Roberts, 2014). There are some innovative ways and their importance for
organisation that are as follows:
 By implementing that kind of strategy in to marketplace they able to enhance their sales
ratio and also enable to generate instant revenue. When they provide better solution of
concern of consumers it give delighted experience to consumer base and also enhance
brand loyalty. In context of Essence drinks they implement plans and policies in

successful manner planned in systematic manner by distributing roles and responsibilities
in proper manner to reach at desirable outcomes.
 On other hand, when organisation launch some new products and related solutions for
consumers it increase their brand name and consumers become brand conscious that
assist them to achieve goals and objectives in better way.
 By putting more efforts in accessing needs and wants of consumers in better way to deal
in effective manner to gain large market share to remain always competitive in
marketplace.
From above mentioned benefits there are some other benefits also that when an
organisation implement some new tactics and tools that motivates to employees in giving their
best. It gives career enhancement and align with new consumer base which find out new
solutions of their concern. In case of Essence drinks which want to implement some uniqueness
in their existing products instead of launching a new product line (Ahn, Minshall and Mortara,
2015.). To get better solution of concern of consumers organisation have to understand
difference between invention and innovation (Chun, Chung and Bang, 2015.). Essence drinks
launch new solutions in only their existing products because consumers favour their lassi and
enhance their sales ratio. There are difference between innovation and invention that gives better
understanding to essence Drinks before launching a new product into marketplace.
Innovation is very much important for an organisation to remain always relevant in
competitive world by giving products and services as per the market demand. In order to remain
always competitive organisation have to bring innovation in their products and services. In
context of Essence drinks, they bring new flavour of lassi so that they can grab attention of large
no. of consumer base. Innovation would be quite beneficial for the company to stand effectively
ahead of the competition within the marketplace. In addition to this, this would also enhance the
scope of their grabbing the market share appropriately by innovating their products appropriately
and timely.
Basis of comparison Innovation Invention
Meaning Innovation is an introduction
of new ideas and better
solution that compensates new
Invention as something that is
never been made or created
before, it is entirely new so

demands and wants in existing
market needs. In context of
Essence drinks that come with
a new and innovative idea by
accumulating the taste and
preferences of consumers to
remain always competitive in
marketplace.
invention is that never done
before by using new idea or
method.
Essence It work on giving or adding
values in products and services
to find out better solution.
In invention the concept or
product is entirely new in
nature.
Concept New ideas are implemented
practically.
An original idea as well as its
working in theory.
Skills required In innovation technical,
competency and knowledge
such as market needs and
wants, trends and financial aid
is require (Chuev and et. al.,
2016).
In invention knowledge,
competence and financial aid is
require.
Examples Examples of innovation:
Introduction of iPhone,
advance tools and techniques
to raise standard of people.
Examples of invention such as
printing press, electricity and
telephone etc..
Concern with In innovation several works
and procedures are concerned
in it.
On other hand in invention
particular and well planned
works and procedures are
implemented.
Activities It establish in entire company
and work every one who
It only limited to only few
people that have knowledge

concerned about it. and expertise.
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.
Every organisation have their clear vision, mission and objectives that give direction to
attain desirable goals and objectives ( Cosh, Fu and Hughes, 2012.). For effective working and
scheduling vision and mission is very much need to convey with employees so that they can give
their best. In case of essence drinks they have clear vision and mission that helps in smooth
functioning of works and procedures (Edison, Bin Ali and Torkar, 2013). When an
organisation comply with their vision and mission it helps in building good will in front of
consumers. While launch a new product and services they have to recreate vision and mission to
reach at desirable goals and objectives by adopting innovation and commercialisation that are as
follows: Vision: The vision of Essence Drinks that offers new concept in drinks that is healthy in
nature to people across UK. Their main vision is to enrich them by offering healthy and
balanced diet. Although essence drinks are leader in that market segment so their main
objective is to compensate needs and wants of consumers and earn profitability. To deal
with organisational vision that is to enhance market share for that organisation brings
innovation in organisational goals so that they can enlarge business opportunities. Leadership: In the innovation process, higher authority and leader of an organisation
plays vital role in giving new ideas and after that direction to attain organisational goals
and objectives in better way. Leader also important for building an healthy relationship
with their employees in giving them authority with roles and responsibilities to attain
desirable goals and objectives. The company must adopt different leadership styles in
order to encourage employees to work effectively towards implementing new innovation
within the company without indulging in any sort of resistance. In context of Essence
drinks they choose one of most suitable kind of leadership style that should be suitable in
all situations to reach at desirable goals and objectives in proper manner. With the help of
leadership style organisation can be able to eliminate the gaps in major performance of an
organisation to remain always competitive in marketplace.

 Culture: organisation culture is one of significant factor that build an distinctive image in
front of employees. In culture consist of values, beliefs and norms with conditions that
helps in regulation of works and activities in case of Essence drinks. If the organisation
adopts positive working environment that helps in enhance morale of employees in
giving their best efforts that enhance productivity of an organisation (Hang Do, and et.al
2014). To lead in competitive marketplace organisation have to bring harmony in work
and culture for that organisation Essence drinks bring changes in organisational work and
processes. In context of Essence drinks they build a positive work culture in which each
and every individual can contribute a lot in organisational as well as individual
development with the objective to reach at desirable goal and objective.
 Teamwork: It is one of another important aspect in which goals and objectives should be
achieve with helps of members that builds team. By building an effective team in which
everyone have some specific skill set. In case of Essence drinks when they launch a new
product and services by accessing needs and demand of customers in which team give
their major contribution. In context of Essence drinks that bring new concept by lassi for
that organisation have to build effective team in which everyone can contribute their
maximum output as per their skills and capabilities to remain always competitive into
marketplace,
Thus, all are very important concepts for an organisation while implementing new
products and services in marketplace by understanding needs and wants of consumers in better
way so that they can comply with emerging market trends in better way.
TASK 2
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.
Innovation mix or the 4ps of innovation that tool helps in discover what kind of
innovation process can bring success in organisation (Hemphill, 2014.). In 4ps of innovation
consist of paradigm, position, product and process includes and enables to find out possible
enhancements in every sphere of business.
Paradigm ( how do we frame what we do?):
In that step of innovation an organisation use new thinking and their process to give best
in organisational enhancement. In that scenario changes could be radical in nature but not

changes are positive. In case of Essence drinks their idea which is new and innovative enough to
satisfy future needs of their consumers.
Product (What do offer):
In which through examination or research should be conducted about the way in which
performance of products and services should be improve. In that aspect ways by which product
completely change. In case of Essence drinks their new and innovative product that is sachet it is
useful when an consumer visit or away.
Process (How do create that offering) :
In that includes production process and also includes supplying, workflow and hire
people to implement plans in proper way. In case of Essence drinks they by proper planning and
implementing all processes in sequential way can achieve their goals and objectives.
Position (where do target offering):
In that step areas in which changes are framed in products and services. Their style of
communication and feedback of consumers, employees and masses. In case of Essence drinks
their concept in new or innovative enough that gain positive response from their consumers and
gain large market share (MacGillivray and et.al ., 2014.).
Innovation funnel:
Innovation funnel is used to describe the phrases that helps in developing a product or
services in better way. The main purpose of all the innovation is to bring processes or products
that helps in meet needs and wants in manufacture or economic forms.
Apart from that to manage works and procedures organisation have to adopt an employ funnel
that are mentioned below:
Opportunity assessment:
In that step of innovation funnel consist of analyse by data, customer knowledge and
from any other sources. In that kind of opportunities for new product or line extension. In case of
Essence Drinks their new idea or concept based on launching a kind of new taste by finding out
demands of consumers (Maritz and Donovan, 2015.
Insight based ideation:
This based on kind of opportunity organisation fit according to organisational strategy
and different kinds of products helps in capitalization from that opportunity. In case of Essence

drinks in front of them new opportunities is that consumers like their product but by find out new
concept they can enlarge business opportunities and grab large market share.
Conceptualization:
In that stage organisation and their team members designs actual concept the top ideas
that come into their mind. In that conceptualization includes packaging of products,
advertisement copy etc..
Evaluation and benchmarking:
In that stage organisation go back to their target consumer base and test or evaluate their
concept by choice modelling or even actual testing. In case of Essence drinks after launching
new concept into marketplace they test that concept by adopting various measures.
Go/No Go:
In that stage testing is accomplished and feedback should be gathered on iterations and
they can be easily evaluate feasibility of idea that helps in evaluation success factor of new plan.
In that aspect executives take decision either yes or not for new product launching.
Launching:
In that aspect only one concept should be use by them and by that concept they have to
go ahead. In case of Essence drinks by launching power concept in which they provide in sachet
that easy to carry and healthy also (Mohannak and Samtani, 2014.).
From the above mentioned innovation funnel that helps to organisation in giving kinds of
flavours and concepts to reach at desirable goals and objectives.
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.
Frugal innovation is the chain of activities, that helps an organisation in reducing
complexities and cost of goods while production (Sonne, 2012). It basically focuses on
elimination of factors that are non-essential and features that enhance cost of production and
distribution. Essence drinks which operates in market of food and beverages and now planned to
expand its market in proper manner. To attain that objective organisation bring new concept that
to bring lassi in both powder and liquid form so that it can be accessible to all people and easy to
carry. So it come it into frugal innovation that is easy to implement and not too much costly. In
case of Essence drinks they come up with new power lassi in sachet in marketplace.

Frugal innovation could effectively be used within the organisation in terms of reducing
the cost effectively as well as enhance the process of production of commodities. Moreover, as
for its use, it could be used with the new offerings of the company. For instance for its new type
of Lassi, Essence Drinks could provide the customers with multi-flavoured Lassi which would
save the firm quite a lot of cost as well as would also reduce the complexity. However, this could
also be utilised by the firm in context with a new packaging for its new offerings. The company
could offer its new product, which is multi-flavoured Lassi, with Antimicrobial Packaging,
which is recyclable and could be used by the firm.
New market opportunities:
In fierce competitive world market exploration and investigation is very much needed to
achieve appropriate results by gain large market share. In case of Essence Drinks for access to
appropriate outcomes at time of expansion of business they have to evaluate market
opportunities and strategies of competitors.
Resources:
Resources are very much important for an organisation in which consist of utilisation of
assets in getting full potential according to market and product demand. In scenario of Essence
drinks they ensure that consumers get best products that can be possible if an organisation utilize
their resources in proper way that helps in enhance their sustainability level for long period of
time. In that case frugal innovation can be achievable with great proportion by acquire great
resources according to ability of an organisation.
Innovation funnel:
Innovation funnel concerned with creating new and developing products and services in
competitive marketplace. In case of Essence drinks they come with new idea or concept which is
an powder lassi in sachet that is very convenient at time of far away so it is most convenient to
reach at desirable goals and objectives.
Frugal innovation can comprise of two segments which are determined below:
Problem: For an organisation it is not an easy task to implement innovative ideas and
concepts into marketplace. In that aspect organisation have to after finding out various issues or
concerns develop an effective strategy to reach at desirable goals.
Related to product:

In an organisation the issue is concerned with marketing in which marketers have to
raised some possible sources (Theyel, 2013.). In case of Essence drinks they find out an best
medium to communicate with their consumers so that organisation can easily fulfil their goals
and objectives. There are few steps that helps in find out phrases by which frugal innovation can
be adopted:
Generating idea of innovation:
To bring innovation organisation have to keenly evaluate taste and preferences of
consumers and desirables outcomes that should be adopted out of them (Wang, Vanhaverbeke,
and Roijakkers, 2012. ). In case of Essence Drinks their marketing and research department find
out areas in which they require innovation.
Screening new ideas:
In that stage, to get success organisation have to plan in proper manner according to
needs and wants of consumers.
Idea screening: In case of Essence drinks new concept or idea of lassi should be screened in
proper way.
Testing:
Testing is one of initial stage in which market testing should be conducted that product
up to mark or not. Testing is very much important for an organisation to test before launching a
new product into marketplace so that gaps should be identified in effective manner to get
desirable outcomes.
Internal analysis:
In internal analysis consist of administration of assets and liabilities with proper
utilisation of them. Internal analysis is crucial for an organisation to find out internal strength and
weaknesses before launching a new product into marketplace in effective manner. By conducting
it organisation can be able to eliminate gaps in effective way.
Review Marketplace:
It is very much significant for firm that products and services are according to consumer
requirement or not. In that process organisation after implementation of the plans and policies
and new product review the outcomes that get by them in effective manner. By reviewing it
organisation can be able to bring modifications in their product and services as soon as possible.

Frugal innovation is very much important for an organisation to deliver right kind of
value at cheap cost and that are relatively competitive for organisation by delivering components
to remain always competitive in marketplace. In context of Essence drinks by delivering right
kind of value in innovative way so that they remain always relevant into marketplace by pace
with changes in positive manner. In that regards it is very much important to give space and
resources to think in innovative way so consumers become loyal for long time and gain
sustainability.
TASK 3
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.
Commercial funnel is one of the most important tool that helps in implementation of
strategies as well policies.
Pricing policy:
In Essence drinks they provide their products and service at moderate price that can be
purchase by any kind of consumers. In that innovation funnel helps in set price for that consumer
can easily pay .
The innovation funnel and other related strategies helps in improving working conditions and
growing business in rapid manner (Youtie and et.al 2012). With help of it they can easy to
adopt advance tools and techniques with implement various investigation programmes that
helpful at each and every aspect of organisation.
There are few steps in new product development that are as follows:
Idea generation: in which innovative idea or concept should be evaluated in case of Essence
drinks they launch new concept after judging feasibility of market (Wang, Vanhaverbeke, and
Roijakkers, 2012. )..
Idea evaluation:
In that step filtration of errors should be started to bring efficiency in work.
Concept definition: After reduction of errors organisation have decide to finalise that concept
into market.
Strategic analysis:
To reach at desirable goals and objectives organisation have to fix every single step in
which cost, pricing etc.

Product development and testing:
In that stage product should be develop and test should occurs.
Market testing: in that stage interest of consumers should be judged.
Commercialisation: pricing should be fixed and evaluated in proper way.
product launch: At last product launch in market.
New product development helps in brings harmony in works and activities to enlarge business
opportunities and give new ideas that helps in strengthen new products so that Essence drinks
can enlarge business opportunities.
With the help of new product development process organisation can be able to plan and
coordinate each and every attribute by following a systematic path in which every one can
contribute their maximum output to remain always competitive in marketplace. With the help of
NPD they put in real the efforts to commercialise the business plan in successful manner.
New product development is very much important for an organisation to deal in effective
manner by finding out needs and wants of consumers in better way. In that context bring new
product into marketplace by accessing market trends in possible way. In context of Essence
drinks they by formulate new product into market by accessing needs and demands in positive
way to enlarge business opportunities.
Commercial funnel:

Commercial funnel is very much important for an organisation to bring innovation that
are appropriate as per the market needs and demands in proper way to reach at large no. of
consumer base in positive way. In context of Essence drinks they by evaluating the needs and
wants of consumers by conduting the proper analysis so that they can build products as per their
willingness to remain always competitive in marketplace. In that respect it is very much potential
to plan and coordinate each and every attribute in positive manner.
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
In business case in which organisation collect all necessary attributes to achieve
organisational goals and objectives (Sonne, 2012.). In case of Essence drinks they assemble all
necessities of consumers that are as follows:
Executive summary:
In that business case Essence Drink organisation introduce a new product in UK market
for that organisation have to bring various strategies simultaneously (Mohannak and Samtani,
2014.).. In that aspect they have to evaluate SWOT, PESTEL and porter five force model to
reach at objectives and goals.
Mission statement:
In case of Essence Drinks produce lassi which is healthy, tasty and that give satisfaction
to consumers. Statements of mission are as follows:
Give consumer satisfaction by deliver best quality products and services.
Proper utilisation of resources at time of manufacturing products to deliver satisfaction.
Resources:
In Essence Drinks there are several assets which are highly valuable in nature and helps
in growth and enhancement. Proper arrangement of resources are very obligatory to reach at
Illustration 1: Product life cycle stages 2019
Source:Product life cycle stages 2019

desirable goals and objectives. To produce right kind of products and services in marketplace
organisation have to accumulate all resources in proper way such as raw materials, manpower
and financial resources with many more.
Market analysis:
It is very much concerning to reap proper competition level, perception of consumers and
taste and preferences of them. Market analysis in which organisation have to observe the
products and services of their consumers in effective manner by evaluating products of
competitors and pricing policies and many more.
Cost and benefit analysis:
Cost of their new innovation which is Lassi powder that can be evaluated after knowing
income and preferences of them. To access cost and benefit analysis organisation have to
evaluate organisational revenue and their expenditure while implement that project in effective
manner to get right kind of output in effective manner.
Financial projection:
To bring innovation their financial innovative product in UK market that is £25,000. cost
that occurs in that project should be reap out from various sources such as bank, financial
institutions and from other sources so that potential results should be achieve by organisation.
Business case is very much important to draw out important learning outcomes by putting right
kind of resources at right place by sharing the roles and responsibilities in proper manner so that
desirable outcomes can be achieved. There are various sources to raise funds to access right kind
of objectives and goals in proper manner. Angle investors and crowdfunding are the sources to
raise funds for an innovator to bring dreams into ideas so that potential results should be
accomplished.
Methods of funding:
There are various kinds of ways in which funds can be raise such as Bank and financial
institutions, from family and friends. In case of Essence Drinks they take funds from various
financial institutions. These are as follows: Bank Loans: One of the finest manners through which the firm could generate funding is
through bank loans. However, within this process, the interest rates are quite high
generally, which might not be quite effectively for the firm in long term.

 Crowdfunding: This process refer to appropriately generate fund from general public by
approaching them through social media. It could be beneficial when the firm decides to
provide the public share in the profit. However, chances of its success highly depends
upon the fundraising techniques of the firm.
In case of Essence drinks, they can raise funds from the crowdfunding as its a better
option than that of bank loans. This is because with such innovative ideas and cultural
integration, the people would be encouraged to invest in such a profitable business idea.
TASK 4
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property.
There are various kinds of intellectual property that use by organisation to develop, retain
and protect rights and duties that are as follows:
Copyrights:
it is an legal term which describes about rights and duties that given to owner to protect
products, services and other things so that no one can misuse it (MacGillivray and et. al.,
2014.).. In case of Essence drinks they use copyright so that no one can launch before them. It is
quite beneficial for an organisation in order to appropriately gain an effective edge within the
market as any competitive firm wishes to produce similar offering will first have to effectively
gain permission from Essence Drinks in order to develop the same.
Patents:
Patents provide right to owner to prevent from others to exploit their new idea and
concept. If owner give right to use their innovation, in that case Essence drinks use patent to
rescue for innovative product and services. As an effective example, the company could develop
effective patents for their flavours, packaging as well as new frugal techniques which would be
beneficial for the company to protect the approaches by employees of the company.
Advantages of patents:
With the help of different brand tools an organisation can protect their products and
services from any kind of misshapenness so that owner remain always satisfied and give their
best in organisational growth and enhancement. In case of Essence drinks by using various tools
such as patents, trademarks and copyrights they can enlarge business opportunities with satisfied
their potential needs and wants in proper way. While operating in global environment

organisation faces some problems that save data and information that used by them in proper
manner. In context of Essence drinks they use various kinds of tools and techniques to remain
always remain competitive in marketplace by protecting self interest of an organisation to deal in
effective manner. In context of Essence drinks they by using Patent can save their knowledge
and idea in better way by giving best products into marketplace.
Design patents:
In context of Essence drinks design patents should be applicable that is majorly for
manufacture. It is one of most common kind of patent for an organisation that come into USPTO
patent category and comes in major activities that are edible products, clothing and apparel,
household furnishing. In context of Essence drinks that registered into Design patents for protect
their right and the new idea that are very much potential to remain always relevant into
marketplace.
From the above evaluation it has been summarised that each and every factors has their
own advantages and disadvantages that helps in taking important decisions while choosing one
of most important way to protect the rights to remain always competitive in marketplace. In
context of Essence drinks they use patents that one of important tool to stop from others to
copying, manufacture and selling or importing the products and services without the permission
of others so that they remain always competitive in marketplace. While dealing in competitive
environment organisation have to focus on the major attributes to save the properties by build
products and services as per the consumer self interest so that they can be get delighted
experience in positive manner.
CONCLUSION
From the above report it has been concluded that, innovation is very much significant in
every product as well as services running in the market area. Innovation brings harmony in
works and activities with it enhance brand loyalty towards products and services. In organisation
by accessing needs and demands of consumers organisation can easily reap out potential
opportunities. By following steps or procedures which helps in occupy large market share. With
the help of innovation an organisation can lead in marketplace and enlarge business opportunities
either in existing product or in new product which proved more profitable.

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Online:
Product life cycle stages 2019 [Online] Available
through<http://productlifecyclestages.com/new-product-development-stages/>.